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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
SINOPHARM INTERNATIONAL HONGKONG LTD. |
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Registered Office : |
Room 1601, 16/F., Emperor Group Centre, 288 Hennessy Road, Wanchai |
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Country : |
Hongkong |
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Date of Incorporation : |
11.08.1992 |
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Com. Reg. No.: |
16435849 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, exporter and wholesaler of all kinds of pharmaceuticals. |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONGKONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on
international trade and finance - the value of goods and services trade,
including the sizable share of re-exports, is about four times GDP. Hong Kong
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong
Kong's open economy left it exposed to the global economic slowdown that began
in 2008. Although increasing integration with China, through trade, tourism,
and financial links, helped it to make an initial recovery more quickly than
many observers anticipated, it again faces a possible slowdown as exports to
the Euro zone and US slump. The Hong Kong government is promoting the Special
Administrative Region (SAR) as the site for Chinese renminbi (RMB)
internationalization. Hong Kong residents are allowed to establish
RMB-denominated savings accounts; RMB-denominated corporate and Chinese
government bonds have been issued in Hong Kong; and RMB trade settlement is
allowed. The territory far exceeded the RMB conversion quota set by Beijing for
trade settlements in 2010 due to the growth of earnings from exports to the
mainland. RMB deposits grew to roughly 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous year. The
government is pursuing efforts to introduce additional use of RMB in Hong Kong
financial markets and is seeking to expand the RMB quota. The mainland has long
been Hong Kong's largest trading partner, accounting for about half of Hong
Kong's exports by value. Hong Kong's natural resources are limited, and food
and raw materials must be imported. As a result of China's easing of travel
restrictions, the number of mainland tourists to the territory has surged from
4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all
other countries combined. Hong Kong has also established itself as the premier
stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% of the Exchange's market capitalization.
During the past decade, as Hong Kong's manufacturing industry moved to the mainland,
its service industry has grown rapidly. Growth slowed to 5% in 2011, and less
than 2% in 2012. Credit expansion and tight housing supply conditions caused
Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012.
Lower and middle income segments of the population are increasingly unable to
afford adequate housing. Hong Kong continues to link its currency closely to
the US dollar, maintaining an arrangement established in 1983.
Source
: CIA
SINOPHARM
INTERNATIONAL HONGKONG LTD.
ADDRESS: Room 1601, 16/F., Emperor Group
Centre, 288 Hennessy Road, Wanchai, Hong Kong.
PHONE: 852-2574 8628
FAX: 852-2891 4969
E-MAIL: fortune@resolink.com
Managing
Director: Mr. Sheng Hua
Incorporated on: 11th August, 1992.
Organization: Private Limited Company.
Capital: Nominal:HK$1,500,000.00
Issued: HK$1,500,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1601, 16/F.,
Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong.
Holding Company:-
China National Service
Corporation For Chinese Personnel Working Abroad, China. [Tel: 86-10-8461 8811; Fax: 86-10-8464 8145]
Ultimate Holding Company:-
China National
Pharmaceutical Group Corporation, China. [Sinopharm]
Subsidiaries/Affiliated/Associated Companies:-
Sinopharm Group of
Companies
Beijing Tiantan
Biological Products Co. Ltd., China.
China National
Group Corporation of Traditional & Herbal Medicine, China.
China National
Medical Equipment Industry Corporation, China.
China National Medicines
Co. Ltd., China.
China National
Medicines Corporation Ltd., China.
China National
Pharmaceutical Foreign Trade Corporation, China.
China National
Pharmaceutical Industry Corporation Ltd., China.
China
Pharmaceutical Advertising Ltd. Co., China.
China
Pharmaceutical Exhibition Corporation, China.
China Sinopharm
Intternational Corporation, China.
Shenzhen Accord
Pharmaceutical Co. Ltd., China.
Shyndec
Pharmaceutical Co. Ltd., China.
Sichuan Industrial
Institute of Antibiotics, China.
Sinopharm Group
Co. Ltd., China.
Sinopharm Group
Hongkong Co. Ltd., Hong Kong.
Sinopharm India
Pvt. Ltd., India.
Sinopharm Medicine
Holding Co. Ltd., China.
Sinopharm United
Engineering Co. Ltd., China.
etc.
16435849
0373512
Managing
Director: Mr. Sheng Hua
Nominal Share Capital: HK$1,500,000.00 (Divided into 1,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,500,000.00
(As per registry
dated 11-08-2013)
|
Name |
Occupation |
No. of shares |
|
China National Service Corporation For Chinese Personnel
Working Abroad No. 4, Hui Xin Dong Jie, Chao Yang District, Beijing. |
Corporation |
1,500,000 ======= |
(As per registry
dated 11-08-2013)
|
Name (Nationality) |
Address |
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LI Yan |
Room 2802, Hui Xin Dong Jie, Chaoyang District, Beijing,
China. |
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LI Deyuan |
8-404, Century Village, Chao Yang District, Beijing,
China. |
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ZU Jing |
Flat B, 17/F., 8 Tai Yuen Street, Yangville, Hong Kong. |
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FU Jun |
Room 501, 19/F., Block 8, He Ping Street, Cha Yang
District, Beijing, China. |
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SHENG Hua |
Room 512, Huixinyuan Building 3, 9 Huixinxijie, Chao Yang
District, Beijing, China. |
(As per registry
dated 11-08-2013)
|
Name |
Address |
Co. No. |
|
Hapsource Ltd. |
Room 1903, 19/F., United Success Commercial Centre, 508
Jaffe Road, Causeway Bay, Hong Kong. |
0249127 |
The subject was incorporated on 11th August, 1992 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Winfirst International Ltd., name changed to Fortune Hong Kong Trading Ltd. on 26th January, 1993 and further to the present style on 14th January, 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of pharmaceuticals
Employees: 8.
Commodities Imported: China, Europe, other Asian countries, etc.
Markets: China, Japan, other Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,500,000.00 (Divided into 1,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,500,000.00
Mortgage or Charge:-
Date of Deed of Indemnity, Charge over deposit and set-off: 19-05-2008
Amount: All moneys in respect of general banking facilities
Property: All the company’s estate, right, title, claim, benefit and interest to and in the Deposit and all interest from time to time payable thereon & together with all title deeds or documents relating thereto
Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Sinopharm International Hongkong Ltd. is a wholly-owned subsidiary of China National Service Corporation for Chinese Personnel Working Abroad [CNSC] which is a state owned, large-scale comprehensive enterprise engaged in international trade and economic cooperation.
The subject had two minor shareholders, each had held a single share, who transferred their shares to CNSC on 5th June, 2013.
The subject is trading in all kinds of pharmaceuticals especially those manufactured in China. It is also responsible for importing raw materials from abroad for its associated factories in China. Pharmaceuticals sourced from China suppliers are exported to Japan, the other Asian countries, Europe, North America, etc. Business is normal.
CNSC was established in 1983 with the approval of the State Council of China. Once subordinated to the Ministry of Foreign Trade and Economic Cooperation (re-named as the Ministry of Commerce, the PRC), CNSC is now under the direct leadership of the China National Pharmaceutical Group Corporation [Sinopharm].
Over the past years, CNSC has been ranked for many times as one of the Top 500 of Chinese international trading enterprises.
CNSC’s major business scope covers: sales in foreign exchange of Duty-free imported goods for Chinese personnel working abroad; supplying life necessities for Chinese institutions in overseas; operation and agency of import and export; material supply of Chinese government aids for foreign countries and labour service cooperation; international logistics and industrial investment, etc.
CNSC takes an active part in the internationalised market competition. It always keeps the long -term good cooperative relationships not only with hundreds of companies in America, Europe, Japan, India, Hong Kong and Southeast Asian countries, but also with more than 100 large domestic companies throughout China as well. Its business network covers the whole territory of China and reaches many countries in Europe, America, Asia and Africa. CNSC today keeps on expanding in business volumes.
CNSC consists of 17 subsidiaries and shareholding companies (including 1 manufacturing enterprises) in China and 5 companies in overseas with a total staff of over 2,000 people.
The President of CNSC Mr. Zhou Yuxiang is also the minor shareholder of the subject.
Sinopharm is the largest medical and healthcare group in China which is directly managed by State-owned Assets Supervision and Administration Commission of the State Council (SASAC) of the PRC, with the core businesses of distribution, logistics, retail, scientific research and manufacture of healthcare related products.
So far, Sinopharm owns 10 wholly owned or shareholding subsidiaries, and 5 listed companies including Sinopharm Group Co. Ltd. (01099. HK); China National Medicines Co. Ltd. (600511. SH); Beijing Tiantan Biological Products Co. Ltd. (600161. SH); Shyndec Pharmaceutical Co. Ltd. (600420. SH) and Shenzhen Accord Pharmaceutical Co. Ltd. (200028. SZ).
The sales revenue of Sinopharm exceeded RMB160 billion Yuan in 2012. It is the only Chinese pharmaceutical company whose sales revenue exceeds RMB100 billion Yuan.
In 11th January 2013, Sinopharm set up Sinopharm India Pvt., Ltd. in New Delhi, India. Sinopharm India Pvt. Ltd. was established in the end of 2012 and registered in New Delhi. With the establishment of Sinopharm India Pvt. Ltd., Sinopharm will fully integrate its business in India, form a working team, enhance publicity, furthermore, not only purchase pharmaceutical preparations and APIs from India, but also export a series of products, including pharmaceutical APIs, intermediates, preparations, vaccines and medical equipments, into Indian market.
On 8th July, 2013. The Fortune magazine published 2013 Global 500 Companies. Sinopharm becomes the first Chinese pharmaceutical company entering Fortune Global 500 and ranks the 446th.
In 2013, Sinopharm has made successful acquisition of Hong Kong listed Winteam Pharmaceutical Group Ltd. After completion of the acquisition, Sinopharm TCM holds a 56.97% stake of Winteam Group through its wholly owned subsidiary in Hong Kong.
The successful acquisition of Winteam Group is an important measures to speed up the development of modern Chinese traditional medicine business in Sinopharm. Afterwards, it will make full use of Winteam Group’s good industrial base, with the listed company capital platform, to promote rapid development of proprietary Chinese medicine industry.
The subject is fully supported by CNSC. Business is profitable.
As the history of the subject is over 21 years and a month in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
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|
1 |
Rs.99.02 |
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Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.